Price of period house crumbles by 97.5%
A CRUMBLING period house set on 80 acres in Co Limerick, which was valued at €40 million during the property boom, has fallen in value to just €1 million.
Castlepark in Ballygrennan, Co Limerick, near the Clare border, is now for sale at 97.5 per cent less than its asking price during the last days of the Celtic Tiger.
Local property developer Michael Daly, of the Fordmount Property Group, had expressed interest in developing the site back in 2007, subject to planning permission, and was said to have had “magnificent plans” for the site before the collapse of his property empire.
Located near Moyross in the north side of the city, the property was ripe for potential given the then plans for Limerick’s regeneration areas. The developer’s plans were said to include an industrial estate and train station to connect Moyross and its environs with the city centre.
During the boom period, its asking price rose from €1 million to €10 million, and then soared to €40 million, before collapsing back to its original price-tag.
Auctioneer Pat Kearney, of Rooney’s on O’Connell Street in Limerick, said one of the interesting aspects of the house, which was built in the 18th century, was that it was said to be haunted.
“We’ve had several incidents reported from people over the years about things that they can’t explain.
“Some people have seen a figure passing by the window on the first floor and workmen have told us ‘there’s something funny going on in that house’, and they knew nothing of the history of the house. It seems to be a harmless, benign ghost,” Mr Kearney added.
“Other people who lived in that area years ago said they always ran past the gate.”
The estate went on the market in 2001 following the death of the previous owner, Limerick solicitor and coroner Jim Lyons, in 2000.
At that time the site was valued at just over €500,000 an acre, but Mr Kearney said it should now sell for in excess of agricultural values, or €10,000 to €12,000 an acre, amounting to €960,000 in total.